China Shares Gain; Banks Lead Australia Lower

In first week of August, Australia shares erase all gains from July

China shares rebounded this week as Beijing continued a massive push to support the market, while Australian shares fell nearly 4%, weighed by losses in banks and a deepening rout in the commodities market.

The Shanghai Composite Index gained 2.2% this week, after closing up 2.3% on Friday. That’s after it suffered its worst month in nearly six years in July, falling 14%.